Global Financial Leaders Ponder Jobs, Growth and Politics
The International Monetary Fund is warning that global economic growth is slowing at the same time the World Bank says hundreds of millions of new jobs are needed around the world. Top financial and political leaders are gathering in Tokyo to discuss these and other major economic issues.
Many Europeans have been angered by government efforts to slash pensions and salaries, while raising taxes in an effort to balance battered budgets.
Public anger is one of many things limiting what leaders can do to solve economic problems in Europe and elsewhere.
As leaders head for the International Monetary Fund and World Bank meetings, many economists say Europe’s problems are the biggest threat to the global economy. …
… Tufts University [The Fletcher School] Professor Bhaskar Chakravorti expects only modest progress from the IMF and World Bank gatherings in Tokyo. He spoke on Skype.
"I think it moves the ball along a few tiny inches [centimeters] on a field that is probably several miles [kilometers] long," said Chakravorti.
At a time when the globe faces slowing growth, debt problems in Europe, political stalemates in the United States, and other problems, modest progress may be the best that can be achieved.
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